Cogent Biosciences, Inc. (NASDAQ:COGT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) have received an average recommendation of "Moderate Buy" from the eight research firms that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $14.29.

Several equities research analysts have issued reports on COGT shares. Piper Sandler raised shares of Cogent Biosciences to a "strong-buy" rating in a report on Friday, March 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Robert W. Baird lowered their target price on shares of Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Scotiabank initiated coverage on shares of Cogent Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 target price on the stock. Finally, Wedbush reaffirmed a "neutral" rating and issued a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, February 25th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in COGT. FMR LLC lifted its position in Cogent Biosciences by 99.2% during the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock worth $129,240,000 after buying an additional 8,249,845 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its position in Cogent Biosciences by 82.3% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock valued at $53,692,000 after purchasing an additional 4,046,243 shares during the period. Vestal Point Capital LP acquired a new position in Cogent Biosciences during the 1st quarter valued at about $17,970,000. Octagon Capital Advisors LP lifted its position in Cogent Biosciences by 111.7% during the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock valued at $21,551,000 after purchasing an additional 1,458,000 shares during the period. Finally, Woodline Partners LP lifted its position in Cogent Biosciences by 175.2% during the 1st quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock valued at $10,108,000 after purchasing an additional 1,074,375 shares during the period.

Cogent Biosciences Price Performance

Shares of Cogent Biosciences stock opened at $4.88 on Monday. The firm has a market capitalization of $555.62 million, a PE ratio of -1.97 and a beta of 1.91. The company's fifty day moving average price is $5.42 and its two-hundred day moving average price is $7.46. Cogent Biosciences has a 52-week low of $3.72 and a 52-week high of $12.61.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.04. Analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Cogent Biosciences Company Profile

Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors.

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